Gov. Dannel P. Malloy's First Five Program appears years away from delivering the thousands of new jobs that a handful of companies are expected to create in return for hundreds of millions of dollars in state assistance.

The 11 companies that Malloy has selected so far have committed to creating 2,200 to 5,248 jobs that Connecticut badly needs as the state economy labors to regain 119,000 jobs lost in the Great Recession.

Those companies are eligible to receive as much as $386.3 million in state loans, grants and tax credits, according to the legislature's budget office. The more jobs they add, the more state assistance they can claim.

In general, the First Five companies commit to create a minimum of 200 jobs within a two- or five-year period. Importantly, the calendar does not start running on a company's obligations until the contracts are signed.

Unless companies report earlier than scheduled, state officials will be unable to say how many jobs First Five recipients have actually created until target dates trigger required audits.

To date, the Malloy administration has concluded a half-dozen deals. The first agreement, with Cigna Corp., was signed in December 2011, and the latest one with Charter Communications Inc. was finalized on Jan. 17.

The six signed companies have from 2016 to 2018 to create 1,200 to 2,340 jobs. Whenever the other five picks sign their contracts, they are supposed to add another 1,000 to 2,908 jobs.

Additionally, the governor has authority to make four more First Five deals, for a minimum of 800 new jobs.

Job retention is another goal of the program. Nine of Malloy's selections have agreed to retain 12,690 jobs. The other two are relocating corporate headquarters here.

THE FIRST FIVE PROGRAM WAS THE SIGNATURE economic development initiative that Malloy rolled out during the first six months of his administration.

Malloy got a friendly legislature to basically give him carte blanche to offer large employers lucrative assistance packages to come to Connecticut or stay here in return for job and investment guarantees.

As the name implies, the program was originally limited to five companies. The legislature subsequently authorized 10 more deals, but this authority is due to expire June 15, 2015.

Malloy gets to select First Five recipients through the Department of Economic and Community Development. There are no ceilings on financing packages, and the legislature's approval is not required.

The announced deals range from $8.5 million for Charter Communications Inc. to $115 million for Bridgewater Associates, the world's largest hedge fund.

Charter Communications is relocating its headquarters from Missouri to Stamford. Under its two-year deal, the Fortune 500 company agreed to invest $13 million and create 200 corporate jobs.

Bridgewater Associates is moving 13 miles from Westport to Stamford's waterfront, where the hedge fund intends to invest $750 million to build a new corporate headquarters.

The Bridgewater deal consists of a $25 million construction loan, a $5 million job training grant, a $5 million energy grant, and up to $80 million in tax credits. The contract has not been signed yet.

The administration has agreed to give Bridgewater 10 years from its contract signing to create up to 1,000 additional "high-level" jobs, while retaining its current workforce of 1,225.

THE FIRST FIVE DEALS NOT ONLY SET DEADLINES for job creation and retention, but spell out how the jobs are to be counted.

In its groundbreaking deal, Cigna Corp. agreed to create 200 new jobs, while maintaining nearly 4,000 existing jobs in Connecticut. Its deal includes incentives for adding up to 600 more jobs.

The global health services and financial company committed to move its corporate headquarters from Philadelphia to Connecticut and invest $135 million in modernizing its Bloomfield and Windsor campuses.

In addition to workers on its payroll, Cigna is being permitted to count security guards, landscapers, caterers and other contracted help toward job targets. In some cases, workers do not have to live in the state, or work more than three weeks a month, to qualify as an employee for counting purposes.

The company could get between $47 million and $71 million in state assistance, depending on well it lives up to its commitments.

The NBC Sports Group can count three employees who work for 120 days in any rolling 12-month period as a single employee, or any two part-timers who work 20 to 30 hours a week for eight months prior to a job review.

The administration approved a $20 million loan to NBC Sports to establish a headquarters and studio in Stamford. The company pledged to create 200 jobs. There are incentives for creating up to 450 other jobs.

Alexion Pharmaceuticals Inc. is eligible to receive $51 million in assistance for moving its global headquarters from Cheshire to New Haven.

The state and Alexion signed a contract in November 2012 that says the drug maker must have 568 full-time positions within five years. This number must be maintained for 12 months.

The agreement defines full time as 35 hours a week. It lets the company count two part-time workers who work 20 hours each as a full-time equivalent, up to a maximum of 20 positions for counting purposes.

Alexion may also count any position that pays $150,000 a year, but does not remain filled for a full year.

THE FIRST FIVE AGREEMENTS are laced with sweeteners and penalties.

The Malloy administration is prepared to forgive tens of millions in loans if companies achieve certain employment and investment benchmarks.

Cigna will be able to claim $30 million in tax credits if the company creates between 200 and 400 jobs. It goes up to $40 million if 400 to 600 jobs are created. If the company creates 600 or more jobs, the maximum amount of $50 million will become available.

CareCentrix Inc. is receiving a $24 million grant to move its headquarters from East Hartford to Hartford and expand its workforce. The company manages benefits for a network of 7,000 providers of home health care.

Its deal sets out a payment schedule tied to its jobs targets. CareCentrix may receive advanced payments if the company creates jobs sooner than scheduled, provided it maintains its original staffing level of 213 positions.

The First Five deals are not all carrot and no stick.

If NBC Sports falls short of its jobs target, the state will penalize the company $63,291 for every position that it did not create. The other signed agreements also include such penalties in varying amounts.

If Charter Communications spends less than $13 million on its new headquarters, the state will reduce the amount of its $6.5 million loan that can be forgiven by the difference, even if it meets its jobs target.

Winstanley Enterprises is developing a state-of-the-art laboratory and office building in downtown New Haven in which Alexion Pharmeceuticals will be the anchor tenant.

The Alexion deal requires the developer or the company to spend $93.7 million to $103 million on the project. This capital investment is tied to the $25 million in tax credits that the company is eligible to receive.

If less than $93.7 million is spent, the agreement sets out a schedule based on what is spent for reducing the percentage of tax credits claimed until it is ineligible for any credits.

Alexion is subject to a hefty penalty if the company's headquarters does not remain in Connecticut for 10 years. Other agreements also include similar provisions.

" I wonder if they will get more aid for creating two public assistance requiring jobs instead of full time jobs with benefits and a paycheck large enough to get out of poverty. Be ironic if the state paid then more for creating jobs that are part time and keep people in poverty. "

" Malloy has no intentions of creating anything except for a bleak outlook and dismal economic future for anyone lucky enough to still be considered middle class. His main concern, like Obama's, is to provide sanctuary for the illegals and dump money into the welfare programs. "

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